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OIL PRODUCTS: Kuwait Hits Record Product Output: MEES

OIL PRODUCTS

Kuwait’s investment into refining capacity is paying off as the country now exports more products than crude, MEES said. 

  • Jodi data showed that product exports accounted for 50% of Kuwait’s oil export volumes in Q2, the first time on record.
  • Kuwait exported 1.21m b/d of refined products in Q2, compared to 1.16m b/d of crude. 
  • Diesel and jet fuel were the two highest export products at 325k b/d and 265k b/d respectively.
  • The shift to products has been facilitated by an expansion of Kuwait’s refinery capacity to 1.4 b/d compared to 738k b/d in 2021.
  • Product exports were around 25-30% of the total before the ramp up of the 615k b/d Al Zour refinery.
  • Peak summer fuel oil demand has seen refinery throughputs hit record highs, further squeezing crude exports.
  • The higher value of refined products is also helping to strengthen Kuwait’s economy.
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